Mt.Gox repayment, any positive impact for BTC fans in general?

[bee]

I think it's enough for us to assume that the distribution of BTC to Mt.Gox creditors will have a negative impact. Of course we will experience its effect on prices sooner or later. But once in a while we can look at a bigger and future perspective.
OK, let's get started. The current classification of bitcoin holders is as shown below.

Mt.Gox is a private company in the Business classification^[1] which will compensate the amount of 140k BTC to creditors and the deadline is October 2024^[2].

So what's the positive? If the percentage of individual holders above can be verified then that is an extraordinary fact. But, so far we have only heard about large accumulations of Bitcoin only by institutions and rich companies. So, I think this is an opportunity for retail holders to compete once again with the whales to capture the bitcoin “supply injection” from the creditors of Mt. Gox. This is a positive impact that I think we can take.

What are the benefits of having more individual holders? There are many benefits and one of them is that bitcoin circulation will not only be concentrated among only large entities and reduce their power which influences the continuity of the era of decentralized finance.

That's my thought, do you think it's crazy? Is it impossible to compete with giant holders?

1. https://river.com/learn/who-owns-the-most-bitcoin/#:~:text=Private%20companies%20own%20roughly%20491%2C705%20BTC
2. https://www.theblock.co/post/301448/mt-gox-to-distribute-9-billion-of-bitcoin-bitcoin-cash-repayments-from-beginning-of-july#:~:text=by%20a%20new%20deadline%20of%20October%202024

[pakhitheboss]

I think it's enough for us to assume that the distribution of BTC to Mt.Gox creditors will have a negative impact. Of course we will experience its effect on prices sooner or later.

The effects are already showing as today Bitcoin fell below $59K, reaching its lowest point in two months. I do feel that the market is overreacting but it is an opportunity in disguise to accumulate and take position in the present market condition.

What are the benefits of having more individual holders? There are many benefits and one of them is that bitcoin circulation will not only be concentrated among only large entities and reduce their power which influences the continuity of the era of decentralized finance.

That's my thought, do you think it's crazy? Is it impossible to compete with giant holders?

I agree a large number of individual holders across the globe will strengthen Bitcoin's decentralization. That also means we will not see price manipulation by the whales which will also reduce the volatility of Bitcoin and try to make it stable. Which most of us here will not like as Bitcoin is known for its volatility and because of it the cryptocurrency market gets the volatality.

[bayu7adi]

It's a little strange in the current market conditions... when Mt Gox was hacked, the BTC price was dumped... and when payments were returned to BTC holders by Mt Gox, why is there a dump again now??? In fact, whatever happens to Mt gox, it seems to be bad news for the market.. but it shouldn't be...

I'm still a little skeptical about current market movements, for the short term and medium term, maybe it will still be bearish,,, but I still hope for the longer term.

[bee]

The effects are already showing as today Bitcoin fell below $59K, reaching its lowest point in two months. I do feel that the market is overreacting but it is an opportunity in disguise to accumulate and take position in the present market condition.

Now the decline continues, I haven't found out yet whether distribution has started or just people's panic selling is getting worse.

It's a little strange in the current market conditions... when Mt Gox was hacked, the BTC price was dumped... and when payments were returned to BTC holders by Mt Gox, why is there a dump again now??? In fact, whatever happens to Mt gox, it seems to be bad news for the market.. but it shouldn't be...

That's not a strange thing actually, because people are just worried or preparing for a large dump of BTC. I don't think people will exit the arena, but will buy back at the bottom more than they sold.

[Faisal2202]

The effects are already showing as today Bitcoin fell below $59K, reaching its lowest point in two months. I do feel that the market is overreacting but it is an opportunity in disguise to accumulate and take position in the present market condition.

I can't agree more because the pressure is high ok I accept it, MT box has started the refunding procedure, which does not mean they are selling BTC it means they are givingng people there funds in the form of BCH and BTC and another one asset can't remember the name. Point is its the people who are selling BTC and I don't know why Germany thought this is the right time to sell there funds as well. Why did they not sold them at the price tag of $70k. Now they shared the news that they will sell BTC simultaneously with MT GOX. This is just so stupid but from the OP point of view these BTC if consumed by regular users then it will give mrakte as big pump.

Which according to many analysis is obvious to come in upcoming months. I predict it will occur in 2025's Q1 because bull season last as long as more than 1.5 year so I don't think its wise to say exiting the market is better. People are leaving it with the hope that its bottom and now they have to wait another 4 years to recover there losses.

[ZAINmalik75]

So what's the positive? If the percentage of individual holders above can be verified then that is an extraordinary fact. But, so far we have only heard about large accumulations of Bitcoin only by institutions and rich companies. So, I think this is an opportunity for retail holders to compete once again with the whales to capture the bitcoin “supply injection” from the creditors of Mt. Gox. This is a positive impact that I think we can take.

You are being too optimistic and positive even in this market where everyone is planning to leave the market due to panic and fud. I did not knew before which sector has how many BTC and I am relieved to know that individuals from all over the world own most of the BTC and the amount which MT GOX or Germany or other governments own is not that much and can easily be adjusted by buyers.

What are the benefits of having more individual holders? There are many benefits and one of them is that bitcoin circulation will not only be concentrated among only large entities and reduce their power which influences the continuity of the era of decentralized finance.

That's my thought, do you think it's crazy? Is it impossible to compete with giant holders?

No it's not crazy it is possible for individuals to compete with giant holders but that is not necessary. Because giant holders like ETFs and institutions are also required for the growth of BTC in the long term. Otherwise, people won't be investing in BTC.

[Dr.Bitcoin_Strange]

I'm still a little skeptical about current market movements, for the short term and medium term, maybe it will still be bearish,,, but I still hope for the longer term.

It's alright to feel skeptical about the current market situation because it's way over everyone's speculations and predictions, a lot of investors speculated another Bull run by this time of the season and for the market to be in green, but that's definitely not what we are seeing right now.
But fuck it, that's the crypto market for you, totally unpredictable, the more you try to predict the market, the more it takes another turn messing up people's minds, but the good news is that this is merely just a short-term fluctuation, so those who consider Bitcoin for its long-term potentials because it'll help them ride out these temporary market fluctuations while they focus more on HODLing and probably looking for more opportunities.

[bee]

You are being too optimistic and positive even in this market where everyone is planning to leave the market due to panic and fud.

This is not a form of optimism, just a scenario if all individual holders want to consider this as an opportunity to maintain bitcoin circulation as the 2nd point I explained in the OP. I am also not talking about maintaining the price, that seems impossible because public panic is always inevitable in every FUD news.

I did not knew before which sector has how many BTC and I am relieved to know that individuals from all over the world own most of the BTC and the amount which MT GOX or Germany or other governments own is not that much and can easily be adjusted by buyers.

This mapping has not been verified with certainty. As we know someone can create thousands of their own bitcoin wallets. And it is possible that institutionals or companies have secret vaults thatt are included in the classification of individual holders.

[Charles-Tim]

The effects are already showing as today Bitcoin fell below $59K, reaching its lowest point in two months. I do feel that the market is overreacting but it is an opportunity in disguise to accumulate and take position in the present market condition.

This is not only what is causing the market to fall. Germany and US moved bitcoin to exchanges recently. The news have not been positive at all. All these including the Mt. Gox news caused the market to fall as some people went bearish because of this also while the market was recently not bullish at all. But according to the news that I read yesterday on Cointelegraph, only 0.99% of the Mt. Gox coins has been distributed while it is speculated that many of the coins would be sold after all have been distributed.

[Husires]

Mt.Gox distributions have become used to psychologically influence retail sellers to reduce the price, and when these distributions take place in reality (which will not happen soon), their impact on the price will be limited, just as happened with Ethereum and the ETF, or any ALTCOIN with the ETF.

[examplens]

Mt.Gox distributions have become used to psychologically influence retail sellers to reduce the price, and when these distributions take place in reality (which will not happen soon), their impact on the price will be limited, just as happened with Ethereum and the ETF, or any ALTCOIN with the ETF.

The amount of Bitcoin that MtGox will return to users is less than that bought by BlackRock only since January of this year. It should not affect the market more significantly. At least not in the long term.
I also think that the current drop in value is caused because current holders are selling Bitcoin waiting for MtGox claimers to come to the market and make a probable dump by mass selling.
Just a possible scenario.

[yhiaali3]

Of course, having more individuals owning Bitcoin will be beneficial for decentralization, but I think you are exaggerating a little in your thinking, because the compensation that Mt.Gox will provide to those affected will not be large enough.

Also, most of the individuals who will obtain Bitcoin will not keep it for a long time. Most likely, they will sell it at the first rise and the whales will buy it. Therefore, I do not expect that the positive effect that you think will be very large, but at the same time the negative effect will not be large and will be limited.

[TomPluz]

Mt.Gox distributions have become used to psychologically influence retail sellers to reduce the price, and when these distributions take place in reality (which will not happen soon), their impact on the price will be limited, just as happened with Ethereum and the ETF, or any ALTCOIN with the ETF.

The amount of Bitcoin that MtGox will return to users is less than that bought by BlackRock only since January of this year. It should not affect the market more significantly. At least not in the long term. I also think that the current drop in value is caused because current holders are selling Bitcoin waiting for MtGox claimers to come to the market and make a probable dump by mass selling. Just a possible scenario.

MtGox has become the center of speculations of what can happen in the market once claimants will all get their fair share of Bitcoin...but once this will happen I think there will not anymore be a major impact. In the first place, not all of them will be selling their BTC knowing the last ATH already reached by the said asset. Eventually, the market will move on and then we will learn of new developments that can push or pull Bitcoin. This is just normal with Bitcoin...the ups and downs...and I think only newbies are going to be scared to where it is going because old hodlers are just smiling and sitting pretty all because they are trusting Bitcoin more than any other investment vehicles available to soon give them the best ROI possible.

[bayu7adi]

The amount of Bitcoin that MtGox will return to users is less than that bought by BlackRock only since January of this year. It should not affect the market more significantly. At least not in the long term.
I also think that the current drop in value is caused because current holders are selling Bitcoin waiting for MtGox claimers to come to the market and make a probable dump by mass selling.
Just a possible scenario.

Likewise with my assumption, because several similar incidents have occurred before where every large distribution of BTC, whether it's a refund or giveaway, is always a dump moment for the recipients... many of them must have sold at market prices so that before the dump occurs, then there are many more effective preparations for carrying out a buyback.

Mt gox did the right thing, but the market overreacted... this won't last much longer, because the halving moment is always associated with bullishness... which I think is still a very strong trend.

[bitterguy28]

I think it's enough for us to assume that the distribution of BTC to Mt.Gox creditors will have a negative impact. Of course we will experience its effect on prices sooner or later. But once in a while we can look at a bigger and future perspective.
OK, let's get started. The current classification of bitcoin holders is as shown below.

But do the distribution really brings the market specially bitcoin a good return? because what we have seen is purely dumping up until now

https://coinmarketcap.com/

the market says it all mate , I think that there are so much to expect but most in negative for this mt gox distribution .

Of course, having more individuals owning Bitcoin will be beneficial for decentralization, but I think you are exaggerating a little in your thinking, because the compensation that Mt.Gox will provide to those affected will not be large enough.

Also, most of the individuals who will obtain Bitcoin will not keep it for a long time. Most likely, they will sell it at the first rise and the whales will buy it. Therefore, I do not expect that the positive effect that you think will be very large, but at the same time the negative effect will not be large and will be limited.

and many of those who have got theirs will surely sell the bitcoin because this is highly valued than how much the value when they invested.